Mineral exploration firm Gold Canyon Resources Inc of Vancouver, British Columbia, Canada says that, due to the turmoil in the global financial markets, the uncertainty of near-term gallium prices, and the recent sharp rise in the prices of key chemicals needed to produce gallium, it has decided to suspend the preparation of a preliminary feasibility study on its US subsidiary Gold Canyon Resources USA Inc's Cordero Gallium Project in Humboldt County, NV, USA.

However, the firm says that it will continue to monitor and carry out various options at Cordero. In particular, it will maintain its effort to explore new opportunities for rare metals and rare-earth elements, using knowledge and expertise gained through Cordero, in parallel with continuing exploration of its Springpole Gold Project and Horseshoe Island Gold, Platinum, Palladium Project. – Semiconductor Today